Reversible transactions on blockchain.

[ahmedo24]

If there is an improvement in the blockchain technology such that transactions can be reversed when there is need for it so that the lost of coins or wrong transactions can be minimized.

In your opinion like how confirmation should blockchain set for the transaction to be reversible and what are advantages and disadvantages?

 

[Royalty]

No, they are unable to cancel or reverse your transaction. Even many advanced cryptocurrency users can recall an incident when they failed to double-check their transaction details and they accidentally sent funds to the wrong recipient, or sent the wrong amount.

 

[Blessedsam60]

Transactions for now on block chain are completely irreversible. I lost some ethereum coins too mid last year and till date I haven't gotten the reversal. But this irreversible is one of the disadvantage of crytocurrency for now. If improvement will be made, then it will be nice thou.

 

[ahmedo24]

Do you support or see the possibilities on how this feature can be improved on such that even after one confirmation one can still reverse the transaction for a very a tangible reason like wrong addresses or wrong imputed value etc.

 

[SAFEMOON]

A Bitcoin transaction cannot be reversed, it can only be refunded by the person receiving the funds. This means you should take care to do business with people and organizations you know and trust, or who have an established reputation.

 

[Natedini]

Due to its lack of acceptance and very few countries accepting it as a means of transaction, If you mistakenly pay someone by using cryptocurrency, then there is no way to get a refund of the amount paid. All you can do is to ask the person for a refund and if your request is turned down, then just forget about the money.

 

[ahmedo24]

Due to its lack of acceptance and very few countries accepting it as a means of transaction, If you mistakenly pay someone by using cryptocurrency, then there is no way to get a refund of the amount paid. All you can do is to ask the person for a refund and if your request is turned down, then just forget about the money.

You are still emphasizing on the problem , I need way forward discussion on the effect it will have on Crypto currencies if the blockchain now allow transactions to be reverse under certain conditions.

 

[Ralphjoe]

The way that the blockchain technology is designed is that there can never be a way that anyone can cancel or reverse any transaction because if there are ways like that the blockchain technology would be penetrateable as anyone can actually hack into the blockchain Technology to divert transactions.

 

[Senator]

The disadvantage of a reversable transaction is that criminals and fraud stars will always want to take advantage of this to start reversing or calling back every transaction you carry out with them. This will be very bad for the system

 

[Nomad]

Transaction on blockchain cannot be reversed and this is one of the major drawbacks of blockchain. Maybe developers are already trying to work on this issue.

 

[Nurudeen]

I don't think there is any thing like that in the crypto currency exchange Business and I think it should be because a lots of people are now on the sector using some tools to scam some unsuspecting victims

 

[Dowenship]

If there is an improvement in the blockchain technology such that transactions can be reversed when there is need for it so that the lost of coins or wrong transactions can be minimized.

In your opinion like how confirmation should blockchain set for the transaction to be reversible and what are advantages and disadvantages?

Their is no disadvantage of cus, its even good because it will reduce the amount of coins being lost and for investors to regain their money when such occur...

 

[ahmedo24]

Their is no disadvantage of cus, its even good because it will reduce the amount of coins being lost and for investors to regain their money when such occur...

Honestly I wish to see that innovation but till now it has not been noticed so I'm very optimistic that very soon we might see something of this nature because the block chain network is expanding and developing on daily basis.

 

[eLdavis]

I don't think it would be possible to reverse. Just as your normal banks when you send money to the wrong account, it is the receiver who does the reversing not the system.

 

[Josemendez]

Transaction on blockchain cannot be reversed and this is one of the major drawbacks of blockchain. Maybe developers are already trying to work on this issue.

I don't see it as a drawback but rather as a security measures because the reversibility can give rooms for inappropriate actions by investors and miners

 

[GIFTMICHAEL]

Blockchain transactions is simply irreversible cos of the nature of Cryptocurrency. You shouldn't expect such to happen any time soon.

 

[jeff87]

If there is an improvement in the blockchain technology such that transactions can be reversed when there is need for it so that the lost of coins or wrong transactions can be minimized.

In your opinion like how confirmation should blockchain set for the transaction to be reversible and what are advantages and disadvantages?

This could be the best improvement if this will happen in the Blockchain technology that transactions can be reversed. I have transactions that I lost my cryptocurrency. I gave my reasons to the admin support about a wrong transaction but still they carried away the loss of my cryptocurrency.

 

[ahmedo24]

Most times the situation is usually beyond the power of admin of different platforms only very few have that mind of refunds when wrong transactions occurred

 

[Zevin]

Maybe developer are already working on whether transactions can be reserved on blockchain or not, but until then we need to be cautious while sending our address.

 

[Kingstone]

Transactions on crypto are completely reversible. That is why they mostly warn us to check the address properly before sending it. Should that happens, the security of crypto will somehow be breached